Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A ALEKS-Harley Biltoc - Learn
O Exponential and Logarithmic Functions
Finding the present value of an investment earning compound interest
Explanation
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To help with his child's college fund, Josh needs to invest. Assuming an interest rate of 2.17% compounded monthly, how much would he have to invest to have
$64,700 after 15 years?
Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas.
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